The two herbivores and one carnivore, which date back nearly 100m years to the middle of the Cretaceous period, were excavated from the Winton formation in the state's west. They are the first significant dinosaur discovery in Australia since 1981.
Writing in the journal PLOS One, the palaeontologists described the carnivore as a fearsome predator with three large slashing claws on each hand.
It is the most complete meat-eating dinosaur skeleton ever found in Australia.
All of the dinosaurs have been named after characters in the famous Australian bush poem Waltzing Matilda.
When the carnivore - named after Banjo Patterson who wrote the poem in Winton in 1885 - roamed ancient Australia, it would have been more bigger and more terrifying that than velociraptor made famous in the Jurassic Park films, archaeologists said.
"The cheetah of his time, Banjo was light and agile. He could run down most prey with ease over open ground," Scott Hucknell, a Queensland Museum palaeontologist, said.
However, its companions were far less toothy. Both herbivores, Clancy (Witonotitan wattsi) was a tall and slender giraffe-like creature while Matilda (Diamantinasaurus matildae) was more stocky and hippo-like.
The two four-legged sauropod species are new types of titanosaurs - the largest animals ever to walk the earth.
Mr Hocknull said all three skeletons were new types of dinosaur, which showed evolutionary links with dinosaurs from the northern hemisphere.
"Dinosaurs diversified and spread all over the world but Australia, being a very isolated place at the end of the world, developed its own unique fauna," he told reporters.
Anna Bligh, the Queensland Premier, said the discoveries were a major breakthrough in the scientific understanding of prehistoric life in Australia.
John Long, a palaeontologist at Museum Victoria, told the Sydney Morning Herald that the finds were "amazing".
He said the newly unearthed fossils put Australia back on the international map of big dinosaur discoveries for the first time since 1981, when the discovery of Muttaburrasaurus, a large four-legged herbivore that could rear up on two legs, was announced.
Mr Hocknull said there were many more dinosaur fossils in the Winton site and they hoped to find Australia's oldest mammals among them.
"There are at least 50 other sites we know that are yet to be excavated so the next 20 to 30 years in Australian dinosaur science will be very exciting."
The discovery was announced during the official launch of stage one of the Australian Age of Dinosaurs Museum of Natural History at Winton.
The area surrounding Winton is famed for its prehistoric discoveries and is known as the Fossil Triangle.